too many doubts

https://preview.redd.it/twrothlqazxg1.png?width=1390&format=png&auto=webp&s=f776d5b99d7bcb8c7c91298c9395eb5b8b40dab7

https://preview.redd.it/7r7uspzrazxg1.png?width=1405&format=png&auto=webp&s=816ce377cf1cc05d85b977011bd4a7f3189808f3

https://preview.redd.it/nwgnkhetazxg1.png?width=1340&format=png&auto=webp&s=f293533c4ecc308b66adb731762e3fb37d0213b2

for the 1st image, why isn't option C correct? Doesn't pursuance of risky projects for shareholders' benefit cause conflict of interest between managers and shareholders?

for the 2nd, what does option B even mean?

for the 3rd, what is implied volatility?